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AMP Elevate Business Overheads Insurance

Keep your business afloat following illness or injury with AMP Business Overheads Insurance

One of the biggest stresses of running a business is that there are so many expenses that need to be paid for before you’ve even served a single customer. If you’re lucky and your hard work pays off, you’ll be able to cover the operational costs of your business with the money you’re making from your day to day trading. Unfortunately, even the best laid plans can go awry. Of course, your business could stand to lose you for a short period of time, but would your business be able to survive if you were to suffer a serious illness or injury and were unable to take part in the day to day running of the business for an undetermined amount of time?

AMP Elevate Business Overheads insurance will provide cover for your eligible expenses in the event you are forced to take time off of work. What's more, premium payments are generally tax-deductible. Keep reading to learn more of the benefits of this policy or submit your details below to receive a quote for cover.

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TPD CoverProvides a lump sum payment if you become totally and permanently disabled and are unable to return to work.

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Benefits of AMP Elevate Business Overheads Insurance

Business Overheads insurance, will provide you with a benefit amount that covers the average expenses of your business in the event that you are unable to work due to total disability. Eligible business expenses under the policy are defined as:

Regular expenses

Expenses which existed at the time of the claim

Rent

Electricity

Water

Gas

The salaries of employees who do not contribute directly to yours or the business earnings

Regular business loan repayments

If you are a medical practitioner or dentist, the net cost of a medical locum is also an eligible business expense.

AMP Elevate Business Overheads Insurance insures you for up to 100% of eligible ongoing expenses if you become totally disabled, as defined by your policy documents.

Exclusions to be aware of

Business Overheads insurance is designed to cover those ongoing expenses that continue even when you’re unable to work. This means that your AMP Elevate Business Overheads Insurance does not cover:

Capital purchases

Stock items

Maintenance and repairs

New loans or contracts you engage in after the time of the claim

The salary or wages of employees who directly contribute to the earnings of your business.

If you are no longer able to carry out your duties and you are a co-owner of a business, you can still make a claim for a portion of business expenses. AMP Insurance will calculate the share of the business expenses that are eligible in the same proportion as the profits and losses are allocated between you and the other owners of the business.

When are you covered under AMP Business Expenses

The definition of total disability is different between insurers, so you need to make sure you understand exactly what you are covered for under AMP Elevate Business Overheads Insurance:

Total disability benefit. If you are defined as being totally disabled according to the policy document, AMP will pay you the full lump sum benefit amount. You are defined as being totally disabled if you are suffering from an illness or injury that prevents you from carrying out one or more important, essential and income producing duties of your occupation.

Business ownership. You will only be eligible for a benefit in the event of total disability if you owned the business immediately before, and during the time you are totally disabled. You must have been actively managing the business during this time to be eligible.

Maximum benefit amount. Your AMP insurance benefit will cover the actual costs of all eligible expenses, up to the total disability benefit amount. The maximum amount you will receive from your AMP claim is 12 times the total disability benefit, and if a benefit payment is made in a month where you're eligible costs are less than the total disability benefit amount, the benefit period will be extended at the end of 12 months, until the total amount has been paid.

Partial disability benefit. If you are partially disabled you may be entitled to a reduced benefit amount. You may be defined as partially disabled if you return to work after being totally disabled, but you are unable to carrying out one or more important, essential and income producing duties of your occupation. The partial disability benefit is then paid, less any amounts reimbursed from elsewhere, and your share of business turnover for the period of your disability.

Once your total or partial disability benefit is approved, you will have to serve the waiting period defined in your policy. If you have chosen a 14 or 30 day waiting period, and you return to work during the waiting period, in a full time capacity, for five consecutive days or less, AMP will extend your waiting period by the number of days you worked. If you return to work for more than five consecutive days of full time work, your waiting period will start again.

Will is a personal finance writer for finder.com.au specialising in content on insurance. While he cannot give personal advice to clients, Will enjoys explaining the intricacies of different types of protective cover to help individuals and businesses find affordable cover that won't leave them underinsured.

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